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Hi Taylor
- Any recommendations for how I prep my taxes? Do I need to see a
professional, or can I just do it online? I'm torn between doing it
right and maximizing my refund and just getting the stress of it off
my plate.
Hi Carla - I hear you! Nothing feels better than getting your
taxes filed and not having to think about it anymore, but you definitely
want to have the peace of mind that comes from doing it right and
saving as much money as you can. I don't think there's a universal
best option for filing—the goal is to figure out what will work
best for you. |
1. Your
situation. If you own a business or are self-employed and
haven't worked as a CPA before, it makes a lot of sense to see
a professional. The more forms you have to file, the more chances
there are to make a mistake, so I recommend taking all your tax-related
documents and plopping them on the desk of an accountant who knows
exactly what to do. Alternatively, if you have one employer and
one W-2, there's no reason not to file from the comfort of your
own home.
2. Tax filing software. At the end of the day, all online
tax services are using the same paperwork and tax codes. The interface
will be different and the amount you pay will vary, but they're
all pretty similar. In this instance, I think the bigger the name,
the more you can trust the service. H&R Block and TurboTax have
dominated this field for a while and have different price tiers
depending on what you need. If a friend with insight recommends
another service, feel free to go that route.
3. Tax professionals. This part is a little trickier. Whether
you go to a tax lawyer or a CPA, you really want someone who understands
your financial situation. That means knowing what type of income
you earn and what kind of deductions are most common in your industry,
as well as how to handle any earnings you might have related to
investments or inheritance. On top of that, it helps to have a
person you like and feel comfortable around. If you're going to
hire a CPA, ask for recommendations and shop around before you
choose. That said, don't wait too long because these folks start
getting pretty booked up in March and April!
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| When in doubt,
trust the online filing services. Most of them have the option to
chat with a representative if things get complicated, so it's not
like you're filing completely blind. Just make sure to get it done
on time and enjoy that refund, Carla! |
| Legal Disclaimer:
Information presented is for educational purposes only and is not
an offer or solicitation for the sale or purchase of any specific
securities, investments, or investment strategies. Investments involve
risk and, unless otherwise stated, are not guaranteed. Be sure to
first consult with a qualified financial adviser and/or tax professional
before implementing any strategy discussed herein. To submit a question
to be answered in this column, please send it via email to Question@GoFarWithKovar.com,
or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.
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